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Dec 7, 2012
12/12
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he sat down with a falls church family to talk about how ending the bush era tax cuts would affect them. if they expire the end of the month, an average family of four would have to pay about $2200 in extra taxes. the president says he is in favor of extending tax breaks for people making $250,000 a year or less but not for the top 2%. >>> down on the ellipse, there was a special ceremony to light the national crime tree. >> three, two, one! >> an it was quite the turnout for the annual lighting of the tree. the president addressed the crowd and during his speech also spoke about helping the victims of superstorm sandy. m >>> we are also following developing news overseas. up next, egyptian president mohammed morsi tries to quiet protesters but is he will to back down from his power grab. >>> a major ruling in michigan that has some workers upset and could hurt the auto industry. more on that when we return. >>> michigan is now one step closer to becoming a right to work state. yesterday, the state house and senate approved bills limiting ups from collecting fees from nonunion worke
he sat down with a falls church family to talk about how ending the bush era tax cuts would affect them. if they expire the end of the month, an average family of four would have to pay about $2200 in extra taxes. the president says he is in favor of extending tax breaks for people making $250,000 a year or less but not for the top 2%. >>> down on the ellipse, there was a special ceremony to light the national crime tree. >> three, two, one! >> an it was quite the turnout...
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Dec 10, 2012
12/12
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CNBC
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in taxes. but is that helping investors? well see. everybody is at the big board today. >> we are all down here. >> we are. everybody is in the family. we like it down here. maybe we'll see. you never know. >>> all right, the apple map story. if you haven't heard this story, it is very interesting. is it the australian police? >> yes. >> australian defense minister. whatever you down there. is warning people, dent use apple maps. it could be fatal. some people got lost in a national park. >> right. giving incomplete instructions. >> right. left at the dingo, right at the crocodile. they were getting stuck. australian police said don't use apple maps, they are dangerous. which is just bizarre. >> it is bizarre. feels like it is a little dire. in terms after warning. >> yeah. if you're under a national park in the outskirts, you're not in the hard streets of melbourne. >> people get lost in those national parks all the time. i get lost in them. follow the national dingos. follow the ants. they ar
in taxes. but is that helping investors? well see. everybody is at the big board today. >> we are all down here. >> we are. everybody is in the family. we like it down here. maybe we'll see. you never know. >>> all right, the apple map story. if you haven't heard this story, it is very interesting. is it the australian police? >> yes. >> australian defense minister. whatever you down there. is warning people, dent use apple maps. it could be fatal. some people...
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Dec 10, 2012
12/12
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name, and, now, the tax cuts are good. how can this be? it's interesting, isn't it? that's all for us. have a great weekend. we'll see you monday. good night from new he said the. 40 years back. what are we now? 9:00 p.m. sunday. fox news. relive the dream. dream again. >> the federal government will conduct a national test of the emergency alert system. >> you cannot avoid it. it is everywhere. john: does it make you feel safe the government spent 40 years studying the assault assault -- soap. do we need government to protect workers? >> absolutely. next? -- questi. [laughter] >> good intentions and gone wrong. that is the show. tonight. john: politicians claimed they make life better to pass laws. they have good intentions but we should not judge by intention. politicians good intentions go wrong. work regulation. companies are not greedy they don't care about their workers but seems reasonable government has to protect them. almost everybody agrees. >> they should be protected. >> definitely. so many things could have e
name, and, now, the tax cuts are good. how can this be? it's interesting, isn't it? that's all for us. have a great weekend. we'll see you monday. good night from new he said the. 40 years back. what are we now? 9:00 p.m. sunday. fox news. relive the dream. dream again. >> the federal government will conduct a national test of the emergency alert system. >> you cannot avoid it. it is everywhere. john: does it make you feel safe the government spent 40 years studying the assault...
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we are growing at two perce and should be growing at four percent annually and right tax and regulatory policy to liberate job creators to do that i don't think we would have a food stamp crisis. >> i think think all of us could agree. that is keeping poor people poor because they are pushing welfare programs. >>, you shouldn't be shocked with theureaucracy and advertising in promotion to justify. >> hold on, it is it shocking. it is shockinghat government officials wouldant to keep people poor. >> but let me give you an example and this goes back a few years and a narrow casting example. but the new york city subway used to have posters written spanish advertising a gay, lesbn domestic violence hot line. that's how fine grained it get in new york new york city on the subway pushing welfare programs. it informs and pushes them. >> but getting back to the poverty program and they're pushing food stamps and welfare programs and they have a tendency to keep poor people poor. once you are on the dole it is hard tore get off. >> it is. incentives are wrong. they encourage people to stay on i
we are growing at two perce and should be growing at four percent annually and right tax and regulatory policy to liberate job creators to do that i don't think we would have a food stamp crisis. >> i think think all of us could agree. that is keeping poor people poor because they are pushing welfare programs. >>, you shouldn't be shocked with theureaucracy and advertising in promotion to justify. >> hold on, it is it shocking. it is shockinghat government officials wouldant...
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but from the tax code in 1913 only 14 pages we have warped into the 702000 page monster. more than 1,000 different forms to download. nobody understands. h&r block loves it but it is a news around the neck of the american economy. every page has something in it that sounds good but look what it adds up to 27 spending. the welfare state. people say take care of people. unintended consequence? >> you heard those most vulnerable. the welfare state is like flypaper. there are shocking figures showing as the income rises to live the american dream, you start to get taxed on one end the government takes away benefits on the other end those who lose a living standard with $10,000 more in salaries. >> they play more in taxes and lose government benefits. >> earned income credit, of welfare benefits, medicaid, food stamps, housing assistance, you're on a treadmill. you are running harder and it goes backwards. think of the mmssage that since. they think i will not work as hard or get disability. john: in pennsylvania with $29,000 of income you are better to stay there than earning
but from the tax code in 1913 only 14 pages we have warped into the 702000 page monster. more than 1,000 different forms to download. nobody understands. h&r block loves it but it is a news around the neck of the american economy. every page has something in it that sounds good but look what it adds up to 27 spending. the welfare state. people say take care of people. unintended consequence? >> you heard those most vulnerable. the welfare state is like flypaper. there are shocking...
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john: you wann a tax on junk food. >> the carbohydrate product that is in the market. we are giving the consumer is the choice to a choose what they want to consent. john: good food would cost less. degree food would cost more. >> that is totally correct. john: orange juice and apple seized on food? >> well, i don't believe they are. john: more sugar than coke and pepsi. >> well, we will cross that bridge when we get here, but i will tell you this much. i like my apples and oranges. john: you also helped get to these calorie counts posted at fast food places. >> that is correct. john: go into mcdonald's. no, this merely calories command that helps people. >> we have monies, they make their choices based on what they see. we have managed now to see a wonderfulnumber of decrease in people suffering from obesity and diabetes. john: decreasing. >> moving in that direction. to mcdonald's and burger king and others are more responsible. john: a real study has been done on this. you can say, it doesn't cost that much to put up a little entellusith a calorie count is. and why
john: you wann a tax on junk food. >> the carbohydrate product that is in the market. we are giving the consumer is the choice to a choose what they want to consent. john: good food would cost less. degree food would cost more. >> that is totally correct. john: orange juice and apple seized on food? >> well, i don't believe they are. john: more sugar than coke and pepsi. >> well, we will cross that bridge when we get here, but i will tell you this much. i like my apples...
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we'll see hikes in taxs and sales tax increases and more worse is bankruptcies. we see that in stockton and n bernardino. we go to court and bankruptcy law versus pension law. you can see current services cut. tax hikes and other lousy outcomes if we don't see reforms. >> you admit we are having problems paying out the pensions. they are bankrupting. >> the problem is that los angeles is not the place. and it is a ballot initiative. u have front runners tha become mayor . they will not support it it was a nonstarter and never going to work in the stave you have a bett chance of succeeding. >> at least it was a plan . it is no law that said you cannot change 401 k's. that is future andew hires and f their plans. you don't have ill defined benefits and by the way the private sector doesn't get. there is a pension liability in the state of the california. vicki is right. government services are starting to get cut in cities in calirnia . so i tell you, it doesn't cut it when you have things like let's raise the retirement age to age 52. >> the fact is, these things
we'll see hikes in taxs and sales tax increases and more worse is bankruptcies. we see that in stockton and n bernardino. we go to court and bankruptcy law versus pension law. you can see current services cut. tax hikes and other lousy outcomes if we don't see reforms. >> you admit we are having problems paying out the pensions. they are bankrupting. >> the problem is that los angeles is not the place. and it is a ballot initiative. u have front runners tha become mayor . they will...
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Dec 5, 2012
12/12
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with huge gains, you have uncertainty in terms of what the tax ramifications are to hold this into january, so why not trim, especially giving the b bottom that this stock has had. it had a huge snap back. none of that is fundamental. >> we're talking about a 4% move to the downside. >> for a stock, though, ped -- >> well, maybe not -- i think it's reason for us to talk about it, but at the same time if you trim off one of the digits and we're looking at it, wow, it's down 4% -- it's a $23 move on a $500, $600 stock, before we start saying the reasons, let's kind of keep some perspective on apple. >> thanz fine if you just woke up and were looking for stocks today, looking in a vacuum. the to be's in bear market territory. it's a much more significant correction. i agree 4% doesn't mean a lot. >> an opportunity on appear 8, you don't care about death crosses or margin requirements. you have a -- >> i disagree, i think apple is a value stock, no longer a growth stock. now you have to analyze it. now at this point, the new products aren't that innovative, so it requires some analysis. >> whe
with huge gains, you have uncertainty in terms of what the tax ramifications are to hold this into january, so why not trim, especially giving the b bottom that this stock has had. it had a huge snap back. none of that is fundamental. >> we're talking about a 4% move to the downside. >> for a stock, though, ped -- >> well, maybe not -- i think it's reason for us to talk about it, but at the same time if you trim off one of the digits and we're looking at it, wow, it's down 4%...
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sales tax. it is spurring growth and putting people to workhere. wayne would it work here? >> it is a sad day to think that we have to do something the communist china is dng . it worked very well and they have expand today to other provinces in china and it is working very, very well. yes. >> national sales tax does that work here, johnathon? >> it would. it is it fair and treats everyonely and easy to understand and more importantly taxes consumption and not productio the only thing i like about communist china is the chick but the corporate next tax must go and think of how much more wealth and jobs we would have if it add more to the profits every year. >> julian, what do you make of >> the reason a national sales tax is good it is harder to cheat on and the reason it is it bad. economy growing at 2.4 percent. it would not stimulate the commempt i like the bus tax cus the top two percent than the valuattedad tax. all of the economic data said if you let them expire you will have no impact on
sales tax. it is spurring growth and putting people to workhere. wayne would it work here? >> it is a sad day to think that we have to do something the communist china is dng . it worked very well and they have expand today to other provinces in china and it is working very, very well. yes. >> national sales tax does that work here, johnathon? >> it would. it is it fair and treats everyonely and easy to understand and more importantly taxes consumption and not productio the...
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sohere --on't republins have a gripe that he is kind of skewed in favor of taxes, taxes, taxes? >> i'm not going to play a pun it hire, oururpose in coming to washington a group of three democrats and three republican governorso make sure tt perspective of the governors is heard. we you know meeti wh the president day was very productive. he -- >> how? how it was productiv what did he agree to? >> look, we didn't come to support his plan or the republican plan. i think -- >> why did the come? why? >> we came because as these convsations are going on. we want to makeure that perspeive the governors is heard, the fact that states are partners with federal gernment across a whole range of programs, and answer is not just a shift of cost to state, you don't -- just because you move mone off feder budget does notean you are saf figure money is picked up by the state. we talk about importance of flexibility in terms of some state programs. and president was on to that. neil: you run one o the most i guess for lack of a better term, one of the more incorporated states, se -- s many cop
sohere --on't republins have a gripe that he is kind of skewed in favor of taxes, taxes, taxes? >> i'm not going to play a pun it hire, oururpose in coming to washington a group of three democrats and three republican governorso make sure tt perspective of the governors is heard. we you know meeti wh the president day was very productive. he -- >> how? how it was productiv what did he agree to? >> look, we didn't come to support his plan or the republican plan. i think --...
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Dec 7, 2012
12/12
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FOXNEWSW
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no matter how much you tax the workers. yet, the obama administration and the democratic party continue to put forth that higher taxation will bring the massive government debt under control. perhaps the only democrat telling the truth about this is our old pal howard dean, the uber liberal former governor of vermont. >> the truth is everybody needs to pay more taxes, not just the rich. that's a good start. but we're north going to get out of this deficit problem unless we raise taxes across the board. >> bill: governor dean sympathizes with the socialist philosophy and that's where the government is heading. taking from those who are productive and giving to those who are struggling. or who are working for the massive government apparatus. during this christmas season we all should emulate officer deprimo. that help may be futile. if the federal government doesn't wise up and impose some discipline on the incredible, incredible entitlement spending, america's economy will eventually collapse: president obama needs to invit
no matter how much you tax the workers. yet, the obama administration and the democratic party continue to put forth that higher taxation will bring the massive government debt under control. perhaps the only democrat telling the truth about this is our old pal howard dean, the uber liberal former governor of vermont. >> the truth is everybody needs to pay more taxes, not just the rich. that's a good start. but we're north going to get out of this deficit problem unless we raise taxes...
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that's their trump card, as well. >> you are focused on taxes. much of the conversation has been on taxes and raising rates and revenue. we are not seeing the same conversation when itomes to size able spending cuts. >> i think what the president has said -- and this is the word inside the white house, as well. the president has come up with some substantial cuts in the increase, the scheduled increases in medicare and also medicaid and those cuts have to do with pushing and squeezing suppliers, using bargaining leverage of medicare and medicaid to get them to reduce costs. that was at issue during the kman. remember the romney and ryan were claiming t the president w taking too much out of medicare. the president is saying i have done that and i'm putting $400 billion of additional cuts on the table and that's all i'm go ing to do. that's all i can do politically. i i've got a lot of democrats who i don't want medicare and social security touched. >> of course the whole irresponsible actions of both sides going on vacation. there have been sugge
that's their trump card, as well. >> you are focused on taxes. much of the conversation has been on taxes and raising rates and revenue. we are not seeing the same conversation when itomes to size able spending cuts. >> i think what the president has said -- and this is the word inside the white house, as well. the president has come up with some substantial cuts in the increase, the scheduled increases in medicare and also medicaid and those cuts have to do with pushing and...
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that includes a 3.8% tax for obamacare. taxes go on and on. so what are advisors telling their clients? the answer is maybe not so much. rick adelman joins me now. this is a letter yu wrote your clients. when i thought was interesting about it is that you don't get a ton of direct advice here. at the end of the day come you don't know what's going to happen. >> that's right, i'm an advisor who can devise because we don't know what the devices would be yet. we have a month before the end of the year. we knew it was going to happen as of january 1, we would be able to say definitively let's capture capital gains and save ourselves money. order, it's definitely not necessary. for the moment, we are saying that we are preparing. we are examining every client accounts so that we are ready to make a move if needed. let's not pull the trigger to set. gerri: one of the things people are concerned about, dividends and dividend paying stocks. wifi on? by southern? what you make of that debate? that is obamacare and that is the law and it is not expiring
that includes a 3.8% tax for obamacare. taxes go on and on. so what are advisors telling their clients? the answer is maybe not so much. rick adelman joins me now. this is a letter yu wrote your clients. when i thought was interesting about it is that you don't get a ton of direct advice here. at the end of the day come you don't know what's going to happen. >> that's right, i'm an advisor who can devise because we don't know what the devices would be yet. we have a month before the end...
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good idea it is it not a matterf reducing the deficit because in congress we have people extending tax cuts that further blow a hole in the debt ceiling. >> i don't wt to be cruel, christian. i don't want to be curt. everydollar comes back a a $1.90 a. forget about the stock market and investing and put our money in unemployment benefits. its it resting on a complete fallacy of economics that conequals wealth. it is the same that pelosi and you. cash for clunkers and house stimulus . shov ready stimulus jobbings. >> johthon why don't you listeto mark sand zandy of moody who advised john mccain's presidential anything. it is nhing to do with a progressive position it is facts and common sense. >> that'slet numbers there. john layfield. what do you make of all of this. >> i thin mk zandy is the wrong guy to wrote. christian this is good stimulus but not how you do stimulus. when you give people $300 that center a family and house to support. they have to spend that money and i disagree that americans are apathetic and lazy. they want jobs. you can find a person who doesn' want a job, you
good idea it is it not a matterf reducing the deficit because in congress we have people extending tax cuts that further blow a hole in the debt ceiling. >> i don't wt to be cruel, christian. i don't want to be curt. everydollar comes back a a $1.90 a. forget about the stock market and investing and put our money in unemployment benefits. its it resting on a complete fallacy of economics that conequals wealth. it is the same that pelosi and you. cash for clunkers and house stimulus . shov...
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>> one reason to raise taxes we have 1 trillion dollar eficit, but i agree with charlie, we've got to cut this noncess out how we need 50 billion of extra stimulus. look, we're running 3illion a day of deficit spending, we don't even know if deficit spending is stimulative. we don't have to prove that that's stimulative. we're running such a huge deficit. unless he's a poker player and this is a bid to throw us off pace, that's not a serious proposal. we're not dealing with this seriously at 1600 pennsylvania avenue and he owes the population a lot more than he's owing. >> neil: adam, i'm worried that they make a christmas treeut of this and throwing more and more ornamts because it's the next legislation that we're cobblingogether we might as well put some spending in there. in this case, a minimum of 50 billion others like chuck scmer talked not trying to find a way to wiggle half a trillion dollars for another construction effort here, and on and on and on. >> well, of course, unfortunately, neil, i should say for better or worse, the way you're describing it is in fact the way it
>> one reason to raise taxes we have 1 trillion dollar eficit, but i agree with charlie, we've got to cut this noncess out how we need 50 billion of extra stimulus. look, we're running 3illion a day of deficit spending, we don't even know if deficit spending is stimulative. we don't have to prove that that's stimulative. we're running such a huge deficit. unless he's a poker player and this is a bid to throw us off pace, that's not a serious proposal. we're not dealing with this seriously...
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there's not a tax for that, pretty sure. to the point to have the additional costs which would have to be hundreds and hundreds of billions of dollars, where's that's coming from? unless they use taxes on fuels to be the solution, that, at least, in theory, does not st the government money. it doesn't mean it passes or have other effects. neil: cost money? >> not economy, but it will not look like they need o spend to solve the problem if that's the way it es. neil: [inaudible] >> yeah, we're broke. we're turn your pockets inside out, it's over. no money. neil: you got the point across. thank you, both, very much. washington, we have a problem. don't think so? here's it's straight from the real guys behind this, after this. ♪ >> in is hoton, say again, please. >> houston, we have a problem. we have a main bolt, we have a lot of thruster, activity, houston. houston. just went offline. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh,
there's not a tax for that, pretty sure. to the point to have the additional costs which would have to be hundreds and hundreds of billions of dollars, where's that's coming from? unless they use taxes on fuels to be the solution, that, at least, in theory, does not st the government money. it doesn't mean it passes or have other effects. neil: cost money? >> not economy, but it will not look like they need o spend to solve the problem if that's the way it es. neil: [inaudible] >>...
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why is the flat tax that are? >> we have to remember that our income tax system serves two purposes. one is to fund the operations of government. the other is to communicate to the voters the true coot of government. our current system performs the first function poorly because it produces a volatile inconsistent system. it deceives some americans into thinking that the government cost little or nothing. in fact, they pay for higher taxes on other brackets. its paid for in terms of increased prices of goods and services and through unemployment and diminished wages. charles: i agree with you, once again. changing pace a little bit, monday night, representative john boehner asked several members of the tea party, the tea party getting a tremendous amount of negative press. a lot of people saying that if they are done, let's stick fork in him. what would you say to those people? >> the fact is that this grassroots political movement that started in 2009 is not going anywhere. it has become a part of what the republi
why is the flat tax that are? >> we have to remember that our income tax system serves two purposes. one is to fund the operations of government. the other is to communicate to the voters the true coot of government. our current system performs the first function poorly because it produces a volatile inconsistent system. it deceives some americans into thinking that the government cost little or nothing. in fact, they pay for higher taxes on other brackets. its paid for in terms of...
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then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the isres core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. i heard you guys can ship ground for less than the ups store. that's right. ie learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. neil: welcome back. >> most of you know me pretty well. what you see is what you get. while i may be affable and someone who can work with meers of both parties
then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the isres core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which...
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name, and, now, the tax cuts are good. how can this be? it's teresting, isn't it? that's all for us. have a great weekend. we'll see you monday. good night from new ♪ neil: sometimes you can sum up a week with a couple words, but this week, it's with this ad. >> cutting hundreds of billions of dollars from medicare and medicaid short change the people who need it the most. if you don't want seniors to come up empty, call your members of congress and tell them don't make a bad deal that cuts our care. neil: if that doesn't tell you real cuts are not coming, neighbor 101 democratic congressman want not to cut social security could drop a hint coming days after the national black cau cues coming further urging all entitlements, not just social security, be left off the cliff talks. you wonder why i fear we had headed for the cliff fast. welcome, evybody, i'm neil cavuto. that's really the deal this week. no deal this week. hence, that if one of the seriously coming behind closed doors, it's one that risks closing off needed
name, and, now, the tax cuts are good. how can this be? it's teresting, isn't it? that's all for us. have a great weekend. we'll see you monday. good night from new ♪ neil: sometimes you can sum up a week with a couple words, but this week, it's with this ad. >> cutting hundreds of billions of dollars from medicare and medicaid short change the people who need it the most. if you don't want seniors to come up empty, call your members of congress and tell them don't make a bad deal that...
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a little the taxes they are talking about. no one likes to pay more taxes, but the effect on the market, the things that are being proposed would be overstated. i don't think a downgrading by the credit agencies is factored into people's thinking. so that part of it, if they do something that makes the credit agencies, all of them in unison downgrade as to something below, think about this, that is not a good thing. that disturbs the markets. lou: so and other smart people watched, the speaker off fumbled through his rhetoric to say how tough he is and how resolute the white house will be in all of this. the reaction is in the markets, if it goes another couple of weeks. >> people are saying we are all idiots. people who don't have anything to do with washington and we have to live in places where we are the safest. the debt market or the equities market, particularly the equities market. china, germany, the u.s. they can survive these crazy politicians. lou: tell important. what do you think we can expect? >> far less signifi
a little the taxes they are talking about. no one likes to pay more taxes, but the effect on the market, the things that are being proposed would be overstated. i don't think a downgrading by the credit agencies is factored into people's thinking. so that part of it, if they do something that makes the credit agencies, all of them in unison downgrade as to something below, think about this, that is not a good thing. that disturbs the markets. lou: so and other smart people watched, the speaker...
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12/12
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FBC
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back to the campaign for tax plan would raise the taxes. it is not going to happen. we have liberals like "the new york times" rally around certain tax form saying no and will not touch that. they did not want tax reform come it will not happen. tracy: we have not heard a word about that coming up in 21 days. >> busy expiration on the payroll tax cut, all of those extenders, this is all coming to a head. there's a lot of progress in washington right now, so at best talking with dealing with the bush era policies and the rest is pushed even further into 2013. tracy: even the extenders probably will get punted for a year or extended for a year. so here we are again this time next year we wwll have the same conversation. >> that is just how it goes forward. we have to accep accepted is goe done. tracy: the only way to do this is to throw the book out and start over. republicans offered it to them three times. offered it to them last week and turned it down flat. not interested forming the tax. i think we're in perilous times and we're down to
back to the campaign for tax plan would raise the taxes. it is not going to happen. we have liberals like "the new york times" rally around certain tax form saying no and will not touch that. they did not want tax reform come it will not happen. tracy: we have not heard a word about that coming up in 21 days. >> busy expiration on the payroll tax cut, all of those extenders, this is all coming to a head. there's a lot of progress in washington right now, so at best talking with...
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two wars and bush tax cuts. melissa: we afree on that. >> bush tax cuts. melissa: we have spent way too much. this plan doesn't basically reform entitlement spending. we don't get our spending, with any of these three plans. even going over the cliff we don't get the spending in order. i will give you the last word. then we go on. >> the issue with the republicans they're losing this. they're losing the argument, the debate, they're losing everything. what we need to do is, to respond to the question, what do we do now in three weeks? let's go ahead and give 98% of the american people a tax cut. none of us are ignoring the viability and importance of looking at entitlement reform as it relates to savings, getting rid of waste fraud and abuse and other aspects. i will not tolerate increase in eligibility or raising the age but what republicans are doing is, they are putting the issue on taxes and they're not telling the american people that the enlightment reform and tax reform is an issue or issues that can be discussed in 2013 in deliberative manner liste
two wars and bush tax cuts. melissa: we afree on that. >> bush tax cuts. melissa: we have spent way too much. this plan doesn't basically reform entitlement spending. we don't get our spending, with any of these three plans. even going over the cliff we don't get the spending in order. i will give you the last word. then we go on. >> the issue with the republicans they're losing this. they're losing the argument, the debate, they're losing everything. what we need to do is, to...
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yeah, no one wants higher taxes, but we're not in a dp reception rightnow. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goalets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little bit, maybe as much as jump off the cliff, but it's certainly a slippery slope. >> brenda, the damage is already being done. we saw it in november retail sales and companies delaying activity already and we know t
yeah, no one wants higher taxes, but we're not in a dp reception rightnow. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goalets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the...
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he raised taxes on the democrats promised him $2 in spending cuts for every dollar in new taxes. george bush is still waitin for those $2 in spending cuts. now the present is saying to live in give you two and a half to one. it's time the democrats and the president stepped up and cut spding. gerri: to that point. want you to respond to what the white house had to say in response to the republicans offer and then go to michael's point about what you will actually get latr. here is what dan pfeiffer said. it promises to lower rates for the wealthy and stickhe middle-claas with the bill. we could do it pinocchio test. is that true or false? >> completely false. they want to keeall the race the same. now lower than for anybody. and maintaining the status quo on rates. the deductns are actually targeted for upper-ince people. the dmocrats, the white house, some left wing groups that on behalff the white house imagined how they would design the republican plan and then they attack it. dishonest during the ampaign, and the president is still running a political capaign. he's been all o
he raised taxes on the democrats promised him $2 in spending cuts for every dollar in new taxes. george bush is still waitin for those $2 in spending cuts. now the present is saying to live in give you two and a half to one. it's time the democrats and the president stepped up and cut spding. gerri: to that point. want you to respond to what the white house had to say in response to the republicans offer and then go to michael's point about what you will actually get latr. here is what dan...
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raising taxes on dividends dapital gains. given the president's collecvism i feel so sort of direct confiscation of people's 401(k)s is not impossible t begin with. it is a temendous amoun of weth. at the very lett might eliminate tax defermen people enjoyed. further down thespectrum could be o rit wealth tax. it happened many times in the past. it happened in ireland. it happened in argentina. could happen here as well. gerri: here is ts big pot of mone 18.5 trilln dollars. we know how the people are in washington. theyike to get their hands on whatever ty can. jonathan, let me tell you this. i had a guest on this week, that told me it was irresponsible, irresponsible for journalists to report the possibility that the government's sticky fingers might get on to our 40k)s. do you agree? >> i don't disagree attall. gerri. hopefully it is a warning gn. the president's proposal has en widely reported contained no net new tax cuts spending cuts. so there has been no real effort to reduce sppnding. interesting stat i wws keeping a
raising taxes on dividends dapital gains. given the president's collecvism i feel so sort of direct confiscation of people's 401(k)s is not impossible t begin with. it is a temendous amoun of weth. at the very lett might eliminate tax defermen people enjoyed. further down thespectrum could be o rit wealth tax. it happened many times in the past. it happened in ireland. it happened in argentina. could happen here as well. gerri: here is ts big pot of mone 18.5 trilln dollars. we know how the...
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so it's both cutting and taxing, we're too focus on the tax. bottom line, the government takes it out of the system cutting and raising taxes and the small or deficit. that means that people are going to be out of work, almost by definition in the short run. but in the long run it's a healthier economy that doesn't go down the path of greece. if the long run greece would have low unemployment, but they do not, but yes, we're going to go a percent, if it happens the worse case scenario, but in five years we won't be not able to borrow money. >> brenda: julian, you can go ahead and respond. >> first of l, the ernst & young study has been debunked over and ov. and number two, the bush tax cuts, if you let the bh tax cuts. the crs study was a republican study and found the same thing as the cbo. if you let bush tax cuts expire on everybody, yes, you would have negative economic impact. the two staetudies done recentl shows the top two rates, top 2%, virtually no impact. to jonas' point if you raise taxes the lot and cut spending a lot and so auster
so it's both cutting and taxing, we're too focus on the tax. bottom line, the government takes it out of the system cutting and raising taxes and the small or deficit. that means that people are going to be out of work, almost by definition in the short run. but in the long run it's a healthier economy that doesn't go down the path of greece. if the long run greece would have low unemployment, but they do not, but yes, we're going to go a percent, if it happens the worse case scenario, but in...
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gains tax cut, not from the income-tax increase. lou: you and i have do what the repblicans, perhaps too often. we talk about the economics of it, the theory of it, if you will, the extraction of t, but but the realitys the republican party has not come up with a rejoinder, a respnse to a, if you will, a socialist redistributionist president who right now claims thefield is on because there is no other standard flying over that field. there is a spker of the house to is simply saying, this is not right. you know, we are not at the table and complaining, but not, not engaging. >> i think we have got to engage the argument. we cannot win the argument while acknowledging that an increase in tax rates would increase revenues and all. it will just today the top 1 percent are paying about 40 percent of the income tax. the top 25 percent are paying 87% of the income tax. it does not get any better than that. this is under the bush tax rates. you eliminate the tax rates and you will get less revenues, more capitol flight from the united sta
gains tax cut, not from the income-tax increase. lou: you and i have do what the repblicans, perhaps too often. we talk about the economics of it, the theory of it, if you will, the extraction of t, but but the realitys the republican party has not come up with a rejoinder, a respnse to a, if you will, a socialist redistributionist president who right now claims thefield is on because there is no other standard flying over that field. there is a spker of the house to is simply saying, this is...
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the key sticking points still the same, the white house says no tax hikes for the wealthy, no deal. republicans say it's out of the question. >> the math is clear. the only way to accomplish these things is allow the rates to go up in the top 2% of taxpayers. >> he is going to punish success. we are going to put at risk the economic growth we need to create jobs and taxpayers and revenue we need to lower our deficit. >> temperature there's no deal by the end of the year, harsh tax hikes across the board and steep spending cuts automatically kick in. >>> federal health officials say flu season is already in full swing and what's more, early reports are that this year's strain may be severe. ines ferre reports. >> reporter: if you haven't had your flu shot yet now is the time. this is therriest start of the flu season -- this is the earliest start of the flu season in decade. alabama, also louisiana, mississippi, tennessee and texas are already reporting higher-than-normal numbers of cases. >> we usually see flu begin to have an uptick in four to six weeks now so seeing it this early
the key sticking points still the same, the white house says no tax hikes for the wealthy, no deal. republicans say it's out of the question. >> the math is clear. the only way to accomplish these things is allow the rates to go up in the top 2% of taxpayers. >> he is going to punish success. we are going to put at risk the economic growth we need to create jobs and taxpayers and revenue we need to lower our deficit. >> temperature there's no deal by the end of the year, harsh...
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they are talking about what we have to do on taxes. somewhere along the line we have to talk about what we have to do on spending. if you do as the president asks and that is raise taxes on the top 2%, it funds the government for 8 days. you can't get there with just that. they are saying part of an overall deal. that's to include substantial spending cuts and particularly reforms and entitlements that is sure we can keep those programs alive in the years ahead. >> i want to ask both of you about tim gietner. is the white house ready to go over the fiscal cliff? and he said absolutely. is that digging in or a scare tactic? i was surprised to hear him say that. >> one of the biggest criticisms of president obama and the administration has been they tend to negotiate against themselves. i'm at this position and a week later i'm at this position. what he's trying to do is show their hardening their stance but in the end they will make a deal. it's hard to raise $1.6 trillion in revenues. most of the deals we've seen that were working were
they are talking about what we have to do on taxes. somewhere along the line we have to talk about what we have to do on spending. if you do as the president asks and that is raise taxes on the top 2%, it funds the government for 8 days. you can't get there with just that. they are saying part of an overall deal. that's to include substantial spending cuts and particularly reforms and entitlements that is sure we can keep those programs alive in the years ahead. >> i want to ask both of...
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estate taxes going away. put the real estate into the kids' i mean, these are the litany of the fiscal cliff discussions. they start with capital gains. please take your capital gains. please take them. what if people have capital gains? what's the stock they own in their individual account? not their i.r.a.? or 401(k)? it's apple. every one of these guys are telling you that. it's the way the discussion starts. people have to understand, that's how it happens. >> and the buyback next year, increase your cost basis, whatever may be trading at that point. there's no loss for investors. there's only the possibility of gain if they're facing a higher tax rate. >> like the special dividends, making it clear they're not interested in that. >> that's right. >> i think -- unless you have a complex tax return, you may not realize that there's this investment advice that flows through from professionals. you don't want to upset them, because they're better than you. they see thousands of clients. you just do it. you d
estate taxes going away. put the real estate into the kids' i mean, these are the litany of the fiscal cliff discussions. they start with capital gains. please take your capital gains. please take them. what if people have capital gains? what's the stock they own in their individual account? not their i.r.a.? or 401(k)? it's apple. every one of these guys are telling you that. it's the way the discussion starts. people have to understand, that's how it happens. >> and the buyback next...
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adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this as republicans raising taxes. >> if congress does nothing, every family in america will see theiincome taxes automatically go up on january 1st. that is sort of like a lump of coal you get for christmas. >> congressional democrats operating like they don't have to compromise on spending or taxes. >> elections have consequences. the president campaigned, made it very clear. made very clear that he was supporting ta cuts for the middle-class, that he wanted the expiration of the tax cuts for the high end. >> very little progress among the inside player so fa
adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this...
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basically i pay taxes. you pay taxes. melissa: ex on pays taxes? >> exxon does not pay their fair share. they get tax breaks written to the law by highly paid lobbyists and supported by many congresspeople who they give millions of dollars too every year in election campaigns. melissa: but you still said tax breaks. that is their money that they're hanging on to. it is not money they're getting back from congress. it is their money!. >> it is money that everyone else has to pay. you know, they get special tax break for, for instance if they want to make a project internationally, they have a special government-backed loan program at the u.s. export-import bank. last year that program alone provided $10.4 billion in fossil fuels. melissa: can i ask you would be be better like my children and wont out like the navy and spent $26 a gallon on biofuels or like the air force which is spending $59 a gallon. would that be better for my children if we were all doing that? i don't like the navy and air force doing that. i think that is bad for my children's
basically i pay taxes. you pay taxes. melissa: ex on pays taxes? >> exxon does not pay their fair share. they get tax breaks written to the law by highly paid lobbyists and supported by many congresspeople who they give millions of dollars too every year in election campaigns. melissa: but you still said tax breaks. that is their money that they're hanging on to. it is not money they're getting back from congress. it is their money!. >> it is money that everyone else has to pay. you...
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why not raise rates on rich, fight for a simp her tax system that -- simpler tax system that might provide lower taxes down the road. >> well we need to demand concessis on spending. neil: we're not getting them. >> that is the point, so putting up taxes is not a way of getting concessions in the future. neil: from the get go they put up that 800 billion figure. >> a starting point, the problem is that, as you know, not only will the democrats want more in taxes, but they have in place, with this horrible dea that was done a year and a half ago with debt sealing that gives deal -- there is a deal in place. and it recalls that fiscal cliff, but the deal of made a year and a half ago, the republicans, democrats and president signed off on this, allowing tax increases to go back in place. and they signed on to half a trillion in cuts, inomtic programs and half a trillion in defense, understand at this is as a conservative, defense is 16% of the budget. other 84% gets half a trillion, defense getting half a trillion. the democrats are welcoming this to happen. >> the guy who ran second to mitt
why not raise rates on rich, fight for a simp her tax system that -- simpler tax system that might provide lower taxes down the road. >> well we need to demand concessis on spending. neil: we're not getting them. >> that is the point, so putting up taxes is not a way of getting concessions in the future. neil: from the get go they put up that 800 billion figure. >> a starting point, the problem is that, as you know, not only will the democrats want more in taxes, but they have...
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tax dead? we'll see. forbes doesn't think so. there's a news conference along with washington lawmakers to push for the flat tax. he joins us later this hour. liz: first, what drove the marketings for today's data download. stocks ending lower, struggling for direction most of the day, unable to hold gains trading lower. i think it was 79 times. health care and industrials were today's top performing sectors and telecomo lagged. the euro extending the gains versus the dollar, rallying to a near seven week high against the green back after greece announced its debt buy back terms. euro rose to a $1131. that's high historically. action in the metals. silver, platinum, all sinking more than 1%. silver was today's biggest loser dropping nearly p 3% to settle at $32.81 an ounce. david: markets hopping, but the next trader says investor participation is shifting. in chicago, larry, the key question here is what happens when the market gets off its hind legs and moves? move up or down? >> it all depen
tax dead? we'll see. forbes doesn't think so. there's a news conference along with washington lawmakers to push for the flat tax. he joins us later this hour. liz: first, what drove the marketings for today's data download. stocks ending lower, struggling for direction most of the day, unable to hold gains trading lower. i think it was 79 times. health care and industrials were today's top performing sectors and telecomo lagged. the euro extending the gains versus the dollar, rallying to a near...
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is it a tax deduction for the rest next? >> reporter: ♪ gerri: one source of new revenues under discussion in the fiscal of today limiting deductions for the wealthy, even charitable deductions. it's a controversial idea that has cut and a lot of attention following a recent washington post op-ed. overwhelmingly the charitable deduction benefits the wealthy. here to discuss, president of independent sector and stacey stewart, president of the united weight both of whom met at the white house with the president. white house officials pleading there case. i can't imagine having to better guess for this segment. i want to start with this idea because it kind of blew me away when i saw. a major beneficiary for the charitable deddction, the %-i thought what about that charities and all the people who do -- to rely on them for there good work. let's start with you. entellus the, you know, who does benefit from the charitable deduction? who does your charities serve? >> the notion that the charitable deduction benefits the wealth
is it a tax deduction for the rest next? >> reporter: ♪ gerri: one source of new revenues under discussion in the fiscal of today limiting deductions for the wealthy, even charitable deductions. it's a controversial idea that has cut and a lot of attention following a recent washington post op-ed. overwhelmingly the charitable deduction benefits the wealthy. here to discuss, president of independent sector and stacey stewart, president of the united weight both of whom met at the white...
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gerri: as you are implying, the taxes, the debt tax sores after january 1 if nothing happe. >> monster. gerri: absolutely frightening. to you, you can see how people are reacting in the heartland to this. we're seeing reports every single day about people who are no upping the ante to charity because they're worried that their charitable donation will be worth less. companies ar paying dividends like to have not seen in december. it seems to me like the rest of the world is ahead of congress. washington is in the rearview see, and everybody else is getting ahead of them. >> right. i say that's like every other day in america where the rest of the world as head of congress. [laughter] gerri: how is this different? [laughter] >> i think that's right. i think what we're seeing in public is a little bit different from all rehearsing in private. what you're likely to see is republicans agree to some kind of decoupling of th ax rate issue, whether they do it and this proposal that has been floated that they vote presnt and let the president and democrats on the issue or whether they free up
gerri: as you are implying, the taxes, the debt tax sores after january 1 if nothing happe. >> monster. gerri: absolutely frightening. to you, you can see how people are reacting in the heartland to this. we're seeing reports every single day about people who are no upping the ante to charity because they're worried that their charitable donation will be worth less. companies ar paying dividends like to have not seen in december. it seems to me like the rest of the world is ahead of...
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for is tax cuts and not an argument you are raising taxes on someone. for all those reasons, the democrats have a lot of leverage in january but that does not mean the democrats should wait till january, what happens after december 31st is everybody can lose. the kind of pressure we have psychologically and politically right now to get a deal done before we hit 2013, that kind of pressure and deadline pressure and momentum you're not going to have after you're over the fiscal cliff. so every day that goes by after january 1st isn't going to look like that big of a deal and essentially, time will run out for both parties, you will have a lot of problems in 2013, they will take the lion's share away from fiscal dealmaking, senate confirmation, have the debt ceiling, the long-delayed nuclear negotiableses with iran, going to have posturing for the 2014 campaigns. all of those things are going to suck out the moment up that we have right now. so, yes, democrats are not as bad off as the republicans, but that doesn't mean they should be waiting either. >> i
for is tax cuts and not an argument you are raising taxes on someone. for all those reasons, the democrats have a lot of leverage in january but that does not mean the democrats should wait till january, what happens after december 31st is everybody can lose. the kind of pressure we have psychologically and politically right now to get a deal done before we hit 2013, that kind of pressure and deadline pressure and momentum you're not going to have after you're over the fiscal cliff. so every...
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. >>> in an age where computers can edit your home videos while doing your taxes and sending sushi delivery to your front door, it is surprising to find someone doing anything the time consuming low-tech way. especially when that something is creating a spongebob squarepants christmas special. so, here's abc's neal karlinsky. >> okay, rudolph! full power! >> reporter: if you ever watched that iconic '60s era "rue doll the rez nosed reindeer christmas special" aptd thought, i would do that -- >> you wouldn't mind my red nose? >> reporter: hold that thought. these are the grownups who turned a childhood obsession with stop motion films into a business. >> you're able to shoot maybe 1 a 0 frames in a day, 100 frames. and it's 24 frames for every second. so -- it's slow, but when you're animating, you are just kind of in the zone. it's this zen process. >> reporter: man, i hope so. this is tedious. this is like the definition of tedious. >> reporter: seamus, mark and chris are the founders of screen novelties, a company that specializes in stop motion animating. and which has been tapped to tur
. >>> in an age where computers can edit your home videos while doing your taxes and sending sushi delivery to your front door, it is surprising to find someone doing anything the time consuming low-tech way. especially when that something is creating a spongebob squarepants christmas special. so, here's abc's neal karlinsky. >> okay, rudolph! full power! >> reporter: if you ever watched that iconic '60s era "rue doll the rez nosed reindeer christmas special" aptd...